Erik Huggers has departed as chief executive of the label-owned music service Vevo, writing in an email to employees that “it is time for me to step down.”

The company confirmed his exit in a brief online statement, saying Chief Financial Officer Alan Price would take over as interim CEO. Vevo’s board of directors praised Huggers, saying the music service “grew dramatically during his tenure.”

Huggers is well-known in tech circles, having spearheaded Intel’s short-lived Internet television efforts. That hotly anticipated service, dubbed OnCue, was sold to Verizon before it launched — abandoned by the chipmaker’s new CEO, Brian Krzanich.

The executive succeeded Vevo’s founding CEO, Rio Caraeff, as president in 2015.

Vevo, the joint-venture love child of music rivals Sony and Universal, is a leading source of music videos online, attracting more than 25 billion monthly views. However, Vevo has struggled to move beyond its dominant distribution platform, YouTube.

Vevo declined comment about the transition.